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What about the late and over limit fees at credit unions?

1. Late Fees: At a credit union, you should expect to pay anywhere from $20-$25 for a late fee. Unlike banks, credit unions typically offer a 5 day grace period from the payment due date before the fee is assessed. If a credit union has fees over $30 dollars, they are not listed on www.creditcardconnection.org.
2. Overlimit Fees: Over limit fees for all intents and purposes will be going away in February 2010 as the Credit Card Act of 2009. The credit card act is allowing the cardholder to “opt in” to be assessed an over limit fee. Therefore, most issuers are simply doing away with the over limit fee due to system restrictions. If you are hearing the banks are being “more consumer-friendly” and eliminating the over limit fee for their customers, it is simply an after effect of the Credit Card Act, which they are trying to claim credit for “good will.”